16/07/2015 - 06:40

Morning Headlines

16/07/2015 - 06:40

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Morning Headlines

Perth’s mining hangover

Western Australian mining equipment traders are selling machinery at less than half boom-time prices, while lunch bars once frequented by engineers and other resources company staff are nearly empty. The Fin

ASIC probes Kimberley after Ellendale collapse

The corporate watchdog has launched an investigation into Kimberley Diamonds as administrators of its collapsed Ellendale mine operating subsidiary yesterday revealed the full amount owed to staff. The West

Tipping Fortescue as marginal producer ‘way off’, says Power

Fortescue Metals Group chief executive Nev Power says it is ‘‘complete nonsense’’ that the miner is battling Brazil’s Vale to avoid becoming the marginal large producer, putting him at odds with much of the investment and analyst community. The Fin

TPG stand-off looms as proxy firms back deal

A clutch of influential proxy advisers have backed TPG Telecom’s $1.56 billion takeover of rival broadband provider iiNet, setting the scene for a showdown with some investors and analysts who continue to question the deal. The Aus

Negative gearing in RBA sights

The growing push to abolish or scale back negative gearing received a boost when the Reserve Bank of Australia called on the government to review whether a related capital gains tax break for investment property is driving too much money into housing. The Fin

New Ord expansion on the way

The Ord Irrigation scheme in Australia’s far northwest is to be expanded for a third time, with the Western Australian government yesterday announcing the release of another 5300ha of potential cropping land. The Aus

Chaos over carbon policy hurts Shorten

Bill Shorten faces a destructive Coalition carbon tax scare campaign through to the next election after the damaging leak of draft Labor plans for an emissions trading scheme and an extra tax on electricity generators further undermined his leadership credibility. The Aus

 

 

The Australian Financial Review

Page 1: The growing push to abolish or scale back negative gearing received a boost when the Reserve Bank of Australia called on the government to review whether a related capital gains tax break for investment property is driving too much money into housing.

Western Australian mining equipment traders are selling machinery at less than half boom-time prices, while lunch bars once frequented by engineers and other resources company staff are nearly empty.

Page 3: The bulk of corporate Australia believes the Abbott government should get on with the job of budget repair, according to a survey that challenges some prominent business groups who argue the economy is too weak to weather the pain.

Page 7: Joe Hockey has declared ‘‘game over’’ on plans to expand the GST after Victorian Labor Premier Daniel Andrews reiterated that he would not support any increase to the rate or broadening of the base.

Page 11: The national broadband network will deploy next-generation 5G technology for internet users in rural and regional Australia, according to Liberal frontbench MP Paul Fletcher.

Page 13: Qantas says it is about to reach an out-of-court settlement with the long-time speechwriter for chief executive Alan Joyce who wanted to publish a book of her time at the airline during one of the most tumultuous periods in its long history.

Page 19: BHP Billiton investors have accused the company of overpaying for assets at the peak of the oil cycle after it wrote down its US onshore shale gas assets by $US2.8 billion.

Amaysim chief executive Julian Ogrin says his company’s self-service software for customers will help the mobile service reseller grow market share as it aims to hit 1 million subscribers by 2019 despite rising competition.

Page 21: Supermarkets relying on freshly baked bread, heritage tomatoes and aged beef to lure customers from discounters such as Aldi and Costco may be fighting a losing battle as value for money becomes more important than fresh food.

Fortescue Metals Group chief executive Nev Power says it is ‘‘complete nonsense’’ that the miner is battling Brazil’s Vale to avoid becoming the marginal large producer, putting him at odds with much of the investment and analyst community.

Page 24: Strong domestic and global demand for Australian beef should largely offset Indonesia’s decision to slash the number of its live cattle imports, according to Elders, one of Australia’s largest live cattle exporters.

 

 

The Australian

Page 1: Bill Shorten faces a destructive Coalition carbon tax scare campaign through to the next election after the damaging leak of draft Labor plans for an emissions trading scheme and an extra tax on electricity generators further undermined his leadership credibility.

Page 2: The Reserve Bank has entered the debate over tax concessions for property investors, calling for a review of negative gearing and borrowing limits for self-managed super funds.

Page 4: The nation’s biggest remaining mortgage debenture fund, the $200 million-plus Angas Fixed Interest Debenture Fund, has been frozen leaving thousands of ordinary investors unable to withdraw their investments.

Page 19: BHP Billiton has flagged another big US shale oil and gas impairment, largely because some gas ground is more complex than thought and other gas ground has been forfeited, bringing total impairments to $US6 billion ($8bn) since 2011, when it spent $US20bn buying in to the sector.

Macquarie Group is well on the way to matching last year’s bumper performance fee haul — one of the most important swing factors in its profit — after its US-listed infrastructure fund beat its benchmark for the June quarter and delivered another $135.6 million ($182.6m) bounty to the mothership.

Page 20: The Ord Irrigation scheme in Australia’s far northwest is to be expanded for a third time, with the Western Australian government yesterday announcing the release of another 5300ha of potential cropping land.

Page 21: A clutch of influential proxy advisers have backed TPG Telecom’s $1.56 billion takeover of rival broadband provider iiNet, setting the scene for a showdown with some investors and analysts who continue to question the deal.

 

 

The West Australian

Page 3: Perth has shaken off its “Dullsville” tag with a global travel guide calling it a “city of immense charm and stunning physical beauty” and comparing part of the western suburbs to Italy’s Amalfi coast.

Page 4: Speaker Bronwyn Bishop is under pressure to explain why she chartered a helicopter from Melbourne to Geelong at taxpayer expense for a Liberal Party event at a golf club.

Page 7: Rates are rising twice as fast as inflation in nearly a quarter of Perth councils.

Page 9: The Royal Flying Doctor Service will get some help from Canberra to stay in the skies.

Page 11: Selling energy drinks to people under 18 years old should be banned in a similar approach to alcohol in a bid to curb potentially harmful health effects, researchers from the University of Notre Dame’s school of law say.

Business: The corporate watchdog has launched an investigation into Kimberley Diamonds as administrators of its collapsed Ellendale mine operating subsidiary yesterday revealed the full amount owed to staff.

Stability in the iron ore price helped Atlas Iron add another $7 million to its capital-raising kitty, with the price of the commodity lifting again as Atlas taps institutional investors.

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